Common Stock and Treasury Stock

12 Months Ended

Dec. 31, 2011

Common Stock and Treasury Stock

Common Stock and Treasury Stock

7.Common Stock and Treasury Stock

Our common stock and treasury stock activity during each of the three years 2011, 2010 and 2009 is as follows (dollars in thousands):

	Common Stock				Treasury Stock
	Shares	Amount			Shares		Amount
Balance at December 31, 2008	100,948,436	$	2,151,323		(59,827	)	$	(2,854	)
Common stock issuance	354,995	10,620			—		—
Purchase of treasury stock (a)	—	—			(66,173	)	(2,156		)
Reissuance of treasury stockfor stock compensation	—	—			32,761		1,198
Other	224,506	(8,648		)	—		—
Balance at December 31, 2009	101,527,937	2,153,295			(93,239	)	(3,812		)
Common stock issuance (b)	7,172,405	263,297			—		—
Purchase of treasury stock (a)	—	—			(1,994	)	(82		)
Reissuance of treasury stockfor stock compensation	—	—			44,823		1,655
Other	119,725	4,780			—		—
Balance at December 31, 2010	108,820,067	2,421,372			(50,410	)	(2,239		)
Common stock issuance	249,602	11,057			—		—
Purchase of treasury stock (a)	—	—			(88,440	)	(3,720		)
Reissuance of treasury stockfor stock compensation	—	—			27,689		1,242
Other	287,305	11,818			—		—
Balance at December 31, 2011	109,356,974	$	2,444,247		(111,161	)	$	(4,717	)

(a)Primarily represents shares of common stock withheld from certain stock awards for tax purposes.

(b)In April 2010, Pinnacle West issued 6,900,000 shares of common stock at an offering price of $38.00 per share, resulting in net proceeds of approximately $253 million.  Pinnacle West contributed all of the net proceeds from this offering into APS in the form of equity infusions.  APS has used these contributions to repay short-term indebtedness, to finance capital expenditures and for other general corporate purposes.

At December 31, 2011, Pinnacle West had 10 million shares of serial preferred stock authorized with no par value, none of which was outstanding, and APS had 15,535,000 shares of various types of preferred stock authorized with $25, $50 and $100 par values, none of which was outstanding.